Re: I guess I can’t see the forest for the trees, need tips! - Posted by Craig_NOLA
Posted by Craig_NOLA on March 15, 1999 at 01:41:28:
First thing: You must give yourself time to be successful. You can’t expect your phone to instantly ring off the hook just because you put an ad in the paper. With my ad, I’ll sometimes get 5 calls in a week and then nothing at all for 2-3 weeks.
My best advice is to read everything that you can get your hands on about finding motivated sellers. Putting an ad in the paper is just one strategy among dozens. There is an excellent “How to” article by Ron Legrand on this very site that should get your gears turning. In fact, if you enter the words “motivated seller” in the archive box at the top of the screen and hit search, you’ll probably find posts detailing several more.
As for your second question, yes it is possible to make money by doing “retail flips” using simultaneous closings. I’m doing a simultaneous close on Friday on a property for which I paid 82% of the appraised price and yet will walk away from closing with a NET profit of $8000 in cash. Not all the money in the world, but I just bought 2 more properties this weekend and will be doing the same with them.
Hope this helps. Feel free to e-mail me if you have any more questions.